Use the Following to Answer Questions

question 234

Multiple Choice

Use the following to answer questions:
Figure: Equilibrium in the Labor Market
-(Figure: Equilibrium in the Labor Market) In the figure Equilibrium in the Labor Market, a decrease in population that decreases the number of workers, when everything else stays the same, will lead to a(n) _____ in the equilibrium quantity of labor and a(n) _____ in the equilibrium price of labor.

• A) increase; increase
• B) decrease; increase
• C) increase; decrease
• D) decrease; decrease

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Definitions:

Trade Credit

A financing arrangement where a buyer is allowed to purchase goods or services and pay the supplier at a later scheduled date.

Immediate Payment

A payment that is required to be made at the time of purchase or transaction.

Political Subdivisions

Entities established under the authority of a larger government, typically used for administrative purposes, such as counties or municipalities.

Debt Obligations

Liabilities or amounts of money that a company or individual owes to lenders or creditors.